Maki, Kumail Aqeel Maki Isa
(2019)
Simubis business plan.
[Dissertation (University of Nottingham only)]
Abstract
Simubis develops and sells Insurance education simulation digital games. In the Middle East, insurance training solutions are limited to classroom and self-study with their own limitations. Simubis is a business to business company that sells its products to training institutes and insurance companies along with the associated industries.
Simubis games puts the player in business situations where they have to make decisions, and the game simulates the outcome of their decisions. Games are allowing them the experience of on job training in a safe environment. Simubis games are built based on learning outcomes of professional certificates and they are supported with artificial intelligence to feedback and guide the players to achieve the learning outcome.
Simubis offers three products, Introductory, Intermediate and Senior. Each of these three products matches the needs specific customers segment. Introductory product serves the mass of juniors, new and potential entrants of insurance industry. Intermediate is focuses on middle management requirements and the cross functional impact of their decisions. While Senior product simulates the senior and executive management decisions where the impact is directly reflected on the financial statements.
Games are delivered in two modes, flexible learning where Simubis gives access licenses to customers whom can learn at anytime and anywhere, or direct teaching where Simubis part-time trainers deliver the training in classroom mode to customers using the licenses. Products are sold directly to insurance companies in any each mode. Alternatively, products are wholesaled to training institutes who in turn retail them to insurance companies in classroom setup.
Simubis develops business scenarios and uses insurance knowledge to simulate the outcome of those scenarios. Those scenarios are put together to develop each game. Games are delivered in users’ own language and in flexible learning mode. Games are following experiential learning structure where the player goes through the experience, reflect on the experience, gets guidance from the artificial intelligence to understand the concept and then gets the chance to experience again and see how the outcome differed to embed the experience.
Simubis competitive advantages are insurance knowledge, gamification expertise, market relationships, localization and first mover’s advantage.
Simubis business model focuses on lean operations and only focuses on core activities being developing and marketing the games which are the major two expenses.
Simubis team is made of two whom are insurance qualified professionals with ten years of experience in the insurance industry. One is specialized in gamification and user experience while the other is insurance expert and gamer. In addition, Simubis is backed by Bahrain Institute for Insurance and Finance, Foundation for Insurance Education, Tamkeen and Saudi Arabian Monetary Authority as advisors.
The company is to be established in Bahrain and with a starting capital of USD 50,000, in the first five years it is projected to serve 16,770 customers of an estimated 236,000 market size for the starting scope being the Arabic and English speaking Middle East countries. Simubis is expected to generate USD 744,350 revenue and cumulative net profits of USD 79,340 over the same period. The gross internal rate of return is 40% and the net rate of return is estimated as 32%.
The main expenses are incurred in the development and marketing of products inclusive of staff salaries doing the marketing and managing the development representing over 90% of the fixed cost. While the variable cost is limited to the cost of direct teaching that costs less than 30% of the generated revenue from the same.
At this stage the company is yet to be found, however, as part of the market research 6 potential corporate clients were interviewed and the opinion of 93 individuals has been collected on the concept.
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